SPOT rates from Asia to north Europe rates fell 23 per cent last week ending on Friday to $342 per TEU, according to data from the Shanghai Containerised Freight Index (SCFI), Reuters reports.

Rates on the world's busiest route hit their lowest since the index began in 2009, with everyone blaming a market flooded with tonnage.

Asia Mediterranean rates fell 19.8 per cent to $466 per TEU. But US west coast rates increased 8.1 per cent to $1,526 per FEU while rising 2.4 per cent to $3,216 per FEU US east coast.